index Zorica and Rick at the RDSP Workshop

On Wednesday March 16th, I attended a Registered Disability Savings Plan (RDSP) workshop at the Burnaby CLBC office.

I already have an RDSP but I was a bit confused on how it all works.

Ric from Personal Lifetime Advocacy Network (PLAN) presented on the RDSP.

The RDSP is a Canada-wide registered matched savings plan specific for people living with the label of disabilities.

And here’s what I learned:

  • For every $1 put in my RDSP account, the federal government can (if your income is below $87,123) match with up to $3! If you or others put in a total of $1,500 a year, this is matched to a total of $6,000 a year.
  • This is the Canada Disability Savings Grant.
  • For people living on a low-income (less than $25,356), the federal government will put in $1000 each year for 20 years! You do not have to put in ANY money to get this $1,000.
  • This is the Canada Disability Savings Bond.
  • For people living on an income between $25,356 – $43,561, you can still receive a partial bond.

Anyone can contribute to an RDSP- family and friends. I started mine two years ago and when I have a job I contribute money into my RDSP.

When my parents understand more, they will contribute like for my birthday or monthly. That could be the same for other family and friends, too.

Your RDSP money is invested. That means that my RDSP money grows interest.

Once I decide how investment decisions are made, it can really start to grow! The RDSP does not affect your Persons with Disability (PWD) benefits.

It does not get clawed back and it does not reduce disability benefits payments.

I can choose what to do with the money when it comes out- there are no restrictions on how the money can be spent! You can contribute up to age 49 and then there’s a ten year wait period.

If you have an illness in that time, you can also take out this money to help. I live with my parents and they are getting older.

In the future, I might need a different place to live, extra money to get extra support, want to travel or visit friends, and my RDSP will help me do this later in life! I recommend everybody get one!

For more information check out: http://www.rdsp.com/calculator/